77 Strong and Growing: Open to New and Different Ideas
Immediate Release Contacts: Bill Goold (202-226-4055)
Chris Shields (202-225-5161)
Gloria Montano (202-225-2435)
HOUSE TAKES UP PROGRESSIVE BUDGET PROPOSAL
“The Progressive Budget addresses the most pressing problems that our nation is facing today by shifting the spending priorities away from unneeded military spending on outdated Cold War era weapons,” said Woolsey. “Instead, we invest in our economic recovery and sustained growth, while rebalancing the tax code to make it fair. Our economy is in crisis, and this budget alternative takes the bold steps which are needed to fundamentally change the way the government allocates its resources.”
“The budget outlined by the Progressive Caucus is ambitious, but not impossible,’ stated CPC Co-Chair Raúl M. Grijalva (AZ). “It lays out common sense solutions to reduce wasteful defense spending and increase funding for the most needed domestic programs. Furthermore, the Progressive Budget lays out a pathway to ensure that quality health care reform and comprehensive immigration reform are legislated in this Congress.”
The Progressive Budget is the only proposal to limit defense spending to $479 billion for FY 2010. It does so by eliminating $60 billion in unneeded and unused Cold War era weapons systems, including a reduction in nuclear warheads and the elimination of the F-22 Raptor and V-22 Osprey programs, both of which have both been fraught with cost overruns.
The Progressive Budget also provides $991 billion for non-military discretionary spending, which is $469 billion above President Obama’s request. This includes $300 billion in additional emergency spending targeted towards economic recovery, such as increased funding for school construction and other infrastructure projects.
The Progressive Budget also lays out a series of investments to spur long-term economic growth, including:
Finally, the Progressive Budget calls for important reforms in the tax code to restore fairness and balance. It would roll back the Bush tax breaks for the top 1%, close $100 billion a year worth of loopholes for corporations, ensure that Wall Street pays its fair share for the burden placed on taxpayers by the TARP program and limit the tax deductibility of excessive CEO pay.
Benchmarks and Highlights for FY10-19 Progressive Caucus Alternative Budget
(1) Provides $991 billion for non-military discretionary spending in FY10, $469 billion above President Obama’s request, primarily to help rescue the faltering U.S. economy and those Americans hardest hit;
(2) Provides $479 billion as sufficient defense spending level;
(3) Reduces the Deficit by 58% by FY2012.
· Cold War era weapons systems – eliminates unneeded and unproven weapons systems designed to fight the former
· Target waste, fraud, and abuse at the Pentagon –implements remaining 800 recommendations identified by the nonpartisan Government Accounting Office (GAO) to reduce waste, fraud, and abuse (Saves $8.7 billion/year);
· Repeal of Bush tax cuts - rolls back Bush tax cuts for those making over $250,000 a year (Raises $100 billion/year);
· Crackdown on corporate welfare – projects elimination of various corporate tax loopholes such as eliminating offshore tax havens and capping tax deductibility of executive compensation (Raises $120 billion/year);
· Hold Wall Street accountable – reinstates a quarter-cent tax (0.25%) on all stock transactions to repay the Treasury for TARP funds spent on financial bailout (Raises $150 billion/year);
· Health Care for All – affordable, accessible, quality health care for all Americans (Invests $120 billion/year);
· Cut Poverty in Half in Ten Years - help cut the poverty rate in America by 50% during the next decade with increased funding for decent affordable housing, anti-hunger programs, and more quality child care (Invests $90 billion/year);
· Economic Stimulus - provides additional immediate help to overcome financial crisis through increased federal assistance for unemployment insurance, food stamps, infrastructure spending, housing assistance, and job creation (Invests $300 billion in FY10);
· Rebuild and reinvest in a more competitive, sustainable
· SMART Security Alternative to Preemption Doctrine – shifts some spending and increases other non-military spending to fight root causes of terrorism – 21st century diplomacy, meeting basic human needs (e.g. HIV/AIDS/TB, universal basic education for all)(Invests $60 billion/year);
· Global Warming and Energy
· Education for All – fully fund Elementary and Secondary Education Act and IDEA and improve Teacher Corps and job training (Invests $70 billion/year);
Entitlement Veterans’ Health Care – guaranteed